Magna International has posted Q1 net income up 6.5% to US$393m and sales of US$8.96bn, an increase of 7%, partly attributable to vehicle production increasing by 4% in North America and Europe.
In the first quarter of 2014, North American, European, and Asian production sales, as well as tooling, engineering and other sales and complete
vehicle assembly sales all rose, while rest of world production sales declined, each relative to the comparable quarter in 2013.
Complete vehicle assembly sales increased 2% to US$813m for the first quarter of 2014 compared to US$798m for the first quarter of 2013, while complete vehicle assembly volumes decreased 5% to around 36,000 units.
During the first quarter of 2014, income from operations before income taxes was US$581m, while net income attributable to Magna International was US$393m.